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Help ! I think I might make a huge mistake.

Discussion in 'The Buying & Selling Process' started by Kangaroo, 16th Oct, 2015.

  1. Kangaroo

    Kangaroo Well-Known Member

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    Hi,
    I hope someone out there can shed some light on this.

    I singed a contract to buy a Brisbane T/H, filled in every field, initiated every page and sent the contract pack to the selling agent. It is up to the vendor to sign. Contract Date was blank, it is subject to B&P inspection.

    Now I just realized that I have put myself in a situation that the seller can lock me in or out at will. He can hold this contract without signing it for a very long period of time to prevent me from buying anything. I can only buy one. If I buy another property and then few weeks or months later vendors signs the contract, I have to buy that too.

    He can choose to sign or not to sign the contract and I am totally blocked out of the market for how ever long he wishes to the seller's advantage, or else I have to buy 2 T/H which I have trouble with financially

    In the contract package, It does not include pool certificate, is it right ? it does includes Contract of Sale, Electronic Consent form, Additional Info pack, disclosure form and Form 8.

    Am I worrying too much or it is real ? a bit scared now, silly me ! I totally forgot to put a deadline of this contract, say before such such date.

    Anyone experience this ?
     
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    If they do not accept your offer, then sent a letter rescinding your offer.
     
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  3. JohnPropChat

    JohnPropChat Well-Known Member

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    Any time before you have confirmation of the vendor signing is good enough to retract your offer. Just send a text msg first followed by more formal means if necessary.
     
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  4. Kangaroo

    Kangaroo Well-Known Member

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    Thanks so much. It seems that I worried too much !
     
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  5. York

    York Finance Broker Business Member

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    Why does he need to rescind if they do not accept his offer?
     
  6. Beelzebub

    Beelzebub Well-Known Member

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    Because if he doesn't formally rescind the offer the offer remains open and the vendor can at any time choose to accept. If he doesn't rescind and the vendor suddenly decides he would like to accept, which sounds possible, he would be screwed.
     
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  7. JDP1

    JDP1 Well-Known Member

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    I'm no lawyer...but I think there is an implied fair and reasonable clause. Most would likely get that in writing however...eg offer expires after 48 hrs.
    I'd send a reminder and then if nothing, think about pulling the trigger..
     
    Last edited: 16th Oct, 2015
  8. Inov8ive

    Inov8ive Well-Known Member

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    This is just standard protocol. I assume you made a verbal or written offer which was accepted? If not, you shouldn't be signing contracts without an agreed figure with the vendor. In any event, the contract is not legal until it is signed by both parties and dated. You should always put a timeframe on the offer to prevent them taking their time and potentially negotiating with other parties.
     
  9. dabbler

    dabbler Well-Known Member

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    You have a cooling off, it would not be worth trying to litigate over, stop worrying & maybe send them instructions on a date of expiry. Or advise offer is off if buying something else.

    You can also add conditions that would prevent this problem.

    Assuming it was a standard contract, in NSW I would not sign, in QLD it is the way they do it.
     
  10. JDP1

    JDP1 Well-Known Member

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    In qld, the way to do it is a handshake and a cold one at the local pub..:)
     
  11. dabbler

    dabbler Well-Known Member

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    Well, I would have a cold one with many of the agents I have met, I do feel they are not as shifty as many of the ones here in Syd, kind of feel like they are working for both sides :)
     
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  12. Kangaroo

    Kangaroo Well-Known Member

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    Thanks so much to every's advice.
    It is a standard contract in QLD. Verbal negotiation difference is only 2k difference. Agent suggested to do this way. Next time, I will put in the timeframe.
     
  13. wylie

    wylie Moderator Staff Member

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    I've never had an agree price with the vendor. I sign a contract and see if they sign or countersign. This is generally how it is done in Queensland.
     
  14. Inov8ive

    Inov8ive Well-Known Member

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    Yeah ok fair enough. I do have 2 houses in Brisbane so it can be done without contract as well. When I am buying I will always be putting a lot of offers in on a lot of properties at a time. So it wouldn't be a good idea in my circumstance to be signing a lot of contracts.
     
  15. wylie

    wylie Moderator Staff Member

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    Fair enough. Just was pointing out the usual way it is done in Queensland for those who are used to letter of offer in other states. Each state seems to have its little quirks.
     
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